You don’t have to put in loads, and you’ll benefit from the best tax break in town.

2. No emergency fund

Some people say the reason many millennials don’t save is that they already have so many monthly payments going out the door.

All the more reason to add one more direct debit to the list: into your emergency fund.

3. Get serious about debt

Not all debt is bad, and you’ll almost certainly want some at some stage.

But you need to play the banks at their own game. For example, using a credit card, and paying it off in full every month, will help build up your credit history – and you’ll avoid interest charges.

That positive track record can help in future if you’re looking for a loan, such as a mortgage.

Make paying off expensive debt (such as credit card debt, an overdraft or even a car loan) your priority to pay off before you start saving. Any money you make in savings and investments will almost certainly get eaten up by the interest charges on expensive debt.

4. No millennial money plan

It doesn’t have to be a spreadsheet with every last cent listed. In fact, it is almost the opposite.

Stand back a bit, and survey your financial circumstances. Setting broad financial goals actually makes you more likely to do the right thing with your money.

The point is to get a basic grip on your finances now, so you have something to show for your money at the end of the month/ year/ decade.

5. Not investing in yourself

Being smart with money in your twenties isn’t all misery and planning for the future.

Now’s a great time to invest in yourself – whether that’s education, professional development, or Moneycube’s speciality, building up financial investments.

Whatever you do, if you take this approach you’ll be building up valuable assets which will benefit you long-term.

By investing €250 a month you could save €17,400 in 5 years

Warning: Past performance is not a reliable guide to future performance. The value of your investments can go down as well as up and you may lose some or all of the money you invest. Investments denominated in a currency other than your base currency may be affected by changes in currency exchange rates.